Business Ethics and Corporate Social Responsibility

IRLW

1. ETHICS

2. Introspection What is ethics? Can business be done ethically? Who are stakeholders?

3. Definition The study of what is right and wrong in human behaviour. Beliefs about what is morally correct or acceptable.

4. Examples Honesty Loyalty Integrity Respect Selflessness Responsibility

5. What is Business Ethics? Business ethics (also known as Corporate Ethics) is a form of applied ethics or professional ethics, that examines ethical principles and moral or ethical problems that can arise in a business environment.

6. Importance/need Satisfying Basic Human Needs Creating Credibility Uniting People and Leadership Improving Decision Making Long Term Gains Securing the Society

7. Characteristics Discipline Ancient Concept Personal Dignity Related to Human Aspect Study of Goals and Means Different from Social Responsibility Greater than Law

8. Features of Business Ethics Maintains Legality Of Business Reduce Risk And Cost Providing Quality Products Healthy Competition

9. Ethical Theories Utilitarian ethics Deontological ethics Virtue ethics

10. Utilitarian ethics The greatest good for the greatest number Ethical decisions are made based on the consequences of the action – Consequentialism Three main concerns Forced to guess the potential outcomes of their choice (not focusing on the process) Which segment of society should be considered most important Not always possible to predict the outcome of an action

11. Deontological ethics Father of modern deontology, Immanuel Kant “Human beings should be treated with dignity and respect because they have rights.” Challenges Conflicts that arise when there is not an agreement about the principles involved in the decision The implications of making a “right” choice that has bad consequences What decisions should be made when duties conflict

12. Virtue ethics Virtue ethics is a moral philosophy that emphasizes character and virtue over rules or consequences. Instead of focusing on what actions are right or wrong, virtue ethics asks what kind of person one should be. It roots moral behavior in the development of virtuous character traits, such as courage, temperance, and wisdom.

13. Ethical decision- making process Gather the facts Define the ethical issue Identify the stakeholders Identify the effects and consequences Consider integrity and character Get creative with potential actions Decide on the right ethical action

14. Employee rights No discrimination at work Healthy work- life balance Protection of job for people with disabilities and medical conditions Complete protection against sexual harassment Freedom to discuss the terms and conditions of the employment Right to ask for safe working conditions

15. Employee duties/obligations/ work ethics Loyalty Honoring work hours Proper use of funds Respect Job Completion Honesty

16. Employee duties/obligations/ work ethics Obey The Company’s Rules & Regulation Communicate Effectively Develop Professional Relationships Take Responsibility Professionalism/Standards Be Accountable Uphold Trust

17. Unethical Workplace Behaviors/ ethical abuses Lies Taking Credit for Others Hard Work Verbal Harassment/Abuse Violence Non- Office Related Work Extended Breaks Theft/Embezzlement Sexual Harassment

18. How to Solve Unethical Issues at the Workplace Have Rules Accept Feedback/Complaint List Consequences for Unethical Behaviors Swift Justice/Disciplinary Action

19. Causes of Unethical Behavior in the Workplace No code of ethics Fear of reprisal Impact of peer influence Going down a slippery slope Setting a bad example Pressure to Succeed Employees Are Afraid to Speak Up Lack of Training There’s No Policy for Reporting Managers Setting Bad Examples

20. How to correct unethical behaviors Clear Goals and Objectives Proper Mentoring Set a Good Example Create the right Work Environment Professionalism Discipline Understand your Employees’ Needs A Culture of Constant Feedback Fuel their Spirits Eliminate Obstacles

21. Code of conduct A code of conduct is the most common policy within an organization. This policy lays out the company’s principles, standards, and the moral and ethical expectations that employees and third parties are held to as they interact with the organization.

22. Areas to cover Compliance With Law Protection Of Company Property Financial Integrity And Accounting Company Confidential Information Conflict Of Interest Reporting misconduct Illegal activity Discrimination

23. Importance of code of conduct Demonstrate a company's values Provide guidelines for behavior Act within the law Increase employee morale Measure employee success